Weekly Crypto News

09:13 25.05.2018

Robert Shiller, Nobel laureate in Economics: “Cryptocurrencies could be the latest case of more than a century’s worth of failed efforts to revolutionize money”.

Cryptocurrencies

Bitcoin is plunging. Negative comments in the media and stricter regulations continue to weight on the cryptocurrency. Bitcoin broke the support at $7,700 and reached lows of the middle of April 2018. Up to date the digital currency is trading near $7,200. The next support is at $6,400.

Tom Lee, Fundstrat Global Advisors Head of Research, who predicted the rise of Bitcoin to $15,000 after a conference “Consensus 2018”, predicts Bitcoin will reach $25,000 by the end of the year. According to Mr. Lee, the cryptocurrency does not have to surge daily to reach that level.

Banks are closer to a replacement of SWIFT transactions with Bitcoin transactions. An Argentinian Bank Banco Masventas together with a cryptocurrency exchange Bitex plan to implement international transactions in Bitcoin in the near future.

Two start-ups with a support of a co-founder of PayPal Peter Thiel are raising money to create two artificial islands in the Pacific Ocean. Citizens of the islands won’t be under control of any state and will use cryptocurrencies as means of payment.

Regulation

Financial regulators of the US and Canada are conducting a joint investigation against cryptocurrency scammers. 70 cases are being investigated.

According to Bloomberg, U.S. Department of Justice is investigating a manipulation with cryptocurrencies’ rates.

Cryptocurrencyexchanges

A cryptocurrency exchange Huobi Pro implemented a cryptocurrency index that tracks data on 10 assets in relation to USDT.

Coinbase announced an acquisition of the Paradex trading platform, as well as the rebranding of the GDAX platform. GDAX will be called Coinbase Pro and it will work mostly with individual cryptocurrency investors. Coinbase will make some changes to the technology of Paradex, so, it will let clients outside the US access the platform.

Blockchain

Commerzbank and ThyssenKrupp have replicated a foreign exchange transaction using blockchain. According to the Commerzbank, the use of the blockchain could help reduce delays and manual errors.

A new crypto trading protocol Tari will be launched on a base of a network of Monero. It will help support non-fungible tokens - tokens with unique properties, such as tickets with ownership information.

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